Looking at this chart tonight ... it looks almost certain that horizontal support around 85 gives way.
stockcharts.com[l,a]waclyyay[df][pb50!b200][vc60][iUa12,26,9!Lh14,3]&pref=G
MACD has crossed over headed down, and recent history would suggest that there is at least another 2 months of down action to go when that happens. Also, slow sto's indicate at least another 6 week of down action.
If a dollar panic develops, I doubt it will help the miners, because it sure didn't help in '87. But, bullion may take off like a scalded dog. Looks like GLD is a good spot to park cash.
With every passing day, the parallels of '05 with '87 seem all too real, as the infamous Trotsky has occasionally mentioned.
Regards,
crusty |
